Descriptive analysis reveals significant relationships between stock market development, capital formation, and industrial sector performance in Nigeria.
This research examined the impact of stock market development and capital formation on industrial sector performance in Nigeria. Descriptive statistics, the unit root test, Ordinary Least Square regression and cointegration test were used for the analysis. Data used were obtained from secondary sources covering a period of 1990 to 2020. Descriptive statistics result showed that all the variables are negatively skewed, for kurtosis the distribution is flat (platykurtic), Jarque-Bera and probability shows that all the variables are normally distributed. Both the Augmented Dickey Fuller and Phillips-Perron tests showed that all the variables are stationary. Regression estimates showed the presence of a positive and significant relationship between stock market development, capital formation and industrial production in Nigeria and also indicated that the residuals are homoscedastic and are not serially correlated. Cointegration test showed the existence of a long-run relationship betwe
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Ogochukwu et al. (2023) studied this question.
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